Oil prices dip but stay close to $120/bbl after OPEC+ supply deal | Reuters

Oil prices dip but stay close to $120/bbl after OPEC+ supply deal | Reuters

Oil prices dipped on Monday after topping $120 a barrel as Saudi Arabia raised crude prices for July.

Crude moved lower amid doubts that last week's decision by OPEC+ oil producers to boost their monthly output target would translate into a jump in output needed to ease tight supply.

Brent crude was down 52 cents, or 0.4%, to $119.20 a barrel at 1240 GMT after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.5%, at $118.33 a barrel after hitting a three-month high of $120.99.